Featured Product

    IAIS Publishes Application Paper on Recovery Planning

    November 18, 2019

    IAIS published the final application paper on recovery planning, along with the resolution of comments on the draft application paper. The consultation on the paper ran from November 2018 to January 2019. The application paper provides guidance with respect to supervisory material on recovery planning in the Insurance Core Principles (ICPs) and ComFrame. The paper is related to the material in ICP 16.15 and ComFrame 16.15.a and 16.15.b (ICP 16 on enterprise risk management for solvency purposes). The paper is also relevant to supervisory cooperation and coordination arrangements set out in ICP 23 on the group-wide supervisor and in ICP 25 on supervisory cooperation and coordination.

    The paper addresses issues that were identified in the development of the material, including feedback received from members and stakeholders during public consultations. The issues involved both the nature of a recovery plan and the roles of the supervisor and insurer with respect to the plan. The paper provides recommendations and guidance to supervisors regarding recovery planning and cooperation and coordination between supervisors. It also provides additional information for insurers with regard to recovery planning, along with the examples illustrating application of principles, standards, and guidance relevant to recovery planning. The key topics covered in the paper include the following:

    • Objectives and concepts of recovery planning
    • Requirements for recovery plans and the application of the proportionality principle to recovery planning
    • Governance-related matters in recovery planning, including the development and approval process of a recovery plan and how a recovery plan relates to the overall risk management of an insurer
    • Key elements of a recovery plan and examples of how these can be addressed in a recovery plan
    • The role of the supervisor (or supervisors in a cross-border group) in recovery planning

    Keywords: International, Insurance, Recovery Planning, Proportionality, ICP 16, ICP 23, ComFrame, Recovery and Resolution, Governance, IAIS

    Related Articles
    News

    ISSB Sustainability Standards Expected to Become Global Baseline

    The finalization of the two sustainability disclosure standards—IFRS S1 and IFRS S2—is expected to be a significant step forward in the harmonization of sustainability disclosures worldwide.

    September 18, 2023 WebPage Regulatory News
    News

    IOSCO, BIS, and FSB to Intensify Focus on Decentralized Finance

    Decentralized finance (DeFi) is expected to increase in prominence, finding traction in use cases such as lending, trading, and investing, without the intermediation of traditional financial institutions.

    September 18, 2023 WebPage Regulatory News
    News

    BCBS Assesses NSFR and Large Exposures Rules in US

    The Basel Committee on Banking Supervision (BCBS) published reports that assessed the overall implementation of the net stable funding ratio (NSFR) and the large exposures rules in the U.S.

    September 14, 2023 WebPage Regulatory News
    News

    Global Agencies Focus on ESG Data, Climate Litigation and Nature Risks

    At the global level, supervisory efforts are increasingly focused on addressing climate risks via better quality data and innovative use of technologies such as generative artificial intelligence (AI) and blockchain.

    September 14, 2023 WebPage Regulatory News
    News

    ISSB Standards Shine Spotlight on Comparability of ESG Disclosures

    The finalization of the IFRS sustainability disclosure standards in late June 2023 has brought to the forefront the themes of the harmonization of sustainability disclosures

    August 22, 2023 WebPage Regulatory News
    News

    EBA Issues Several Regulatory and Reporting Updates for Banks

    The European Banking Authority (EBA) recently issued several regulatory publications impacting the banking sector.

    August 10, 2023 WebPage Regulatory News
    News

    BCBS Proposes to Revise Core Principles for Banking Supervision

    The Basel Committee on Banking Supervision (BCBS) launched a consultation on revisions to the core principles for effective banking supervision, with the comment period ending on October 06, 2023.

    August 04, 2023 WebPage Regulatory News
    News

    US Proposes Final Basel Rules, Transition Period to Start in July 2025

    The U.S. banking agencies (FDIC, FED, and OCC) recently proposed rules implementing the final Basel III reforms, also known as the Basel III Endgame.

    August 04, 2023 WebPage Regulatory News
    News

    FSB Report Outlines Next Steps for Climate Risk Roadmap

    The Financial Stability Board (FSB) recently published the second annual progress report on the July 2021 roadmap to address climate-related financial risks.

    August 04, 2023 WebPage Regulatory News
    News

    EBA Plans on Ad-hoc ESG Data Collection and Climate Scenario Exercise

    The recognition of climate change as a systemic risk to the global economy has further intensified regulatory and supervisory focus on monitoring of the environmental, social, and governance (ESG) risks.

    July 31, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8931